XDSData Ghana Limited, Ghana’s leading credit bureau has reaffirmed that it is capable of producing individual credit scores as stated in the document Credit Reporting Activity, Annual Report 2022, published by the Bank of Ghana.

The company clarified that even though it has not produced scores yet, the situation is due to the lack of a unique identifier.

“Currently, facilities are accessed by individuals using different kinds of identification which makes it difficult for the bureau to be 100 percent sure of capturing a credit subject’s total exposure”, a statement from the company signed by its Managing Director, George K. Ahiafor said.

The statement emphasized that XDSData Ghana Limited produces credit information just like any International Credit Bureau, adequate for lenders to be able to make informed credit decisions.

“The mandatory use of the Ghana card from the 1st of July, 2022 for all financial transactions has seen Data Providers submitting Ghana Card Information to the bureau. Credit scoring models require unique identifiers to fully map information”, it explained.

It pointed out that the penetration of the Ghana Card information supplied to the bureau is progressing at a slow pace.

“In collaboration with the Bank of Ghana, we have been tracking the Ghana Card penetration which stands at 35 percent as at the end of the last quarter of 2023”.

“This is based on 11,067,161 unique active loan customers submitted by Data Providers. In addition to continuous research into the use of alternative information within the credit score models, we anticipate releasing the individual credit scores when the Ghana Card penetration rate reaches the 90th percentile; hopefully before the end of year 2024”, it added.

The company explained that the continuous active participation and support from the Bank of Ghana, ensuring credit bureaus get adequate data on Ghana Cards from Data Providers is paramount.

“This will ensure that all aspects of the credit ecosystem are included in scoring calculations. XDSData Ghana Limited has pioneered credit referencing over the years and thus will endeavor to make credit scoring a reality in Ghana and trusted abroad”.